All businesses should get UK Tax Relief and claim tax back for what they spend on Research and Development and benefit fully from UK tax relief for the R&D work they undertake.
That's official! Chancellor of the Exchequer, Rishi Sunak, has made it clear that to encourage innovation in British businesses, he wants to see a full take-up of this generous tax break.
But, many businesses:
- are not aware of the extent of the justifiable R&D tax claim back tax relief available, especially for renewable energy companies, and
- even when they are aware they just don't get around to submitting their claims, or companies that do make the claims, are inexpert and end up claiming less tax-back than they are rightfully due to be paid back by the HMRC.
“The very same companies moan that they lack government support!”
And, yet, they could be claiming back more than they realise… Now that's where using a specialist service where tax experts submit R&D tax claims, on behalf of busy business managers and their accountants, can truly make sense.
AD Plants Operators: Are You Making the Most of Your UK Tax Claim Back Opportunities?
If you find yourself (as a renewable energy company or biogas plant manager) asking the following, we would suggest that you can benefit from expert tax relief advice:
- What qualifies for UK R&D tax relief?
- How to claim R&D tax relief
- How to claim UK tax back?
One company is already making use of one such service. Read on to find out more about the service partnerships offered by “Available Grants”:
Press Release March 2021:
Available Grants celebrates new partnership with Eco2 Limited
Anaerobic Digestion and Biogas sectors gain significant Research & Development Tax Relief opportunity
Today, more than ever, AD and Biogas businesses are seeking ways to progress their activities so that sustainable growth is achieved. Having recently joined as a member of the ADBA community, Available Grants, an R&D tax specialist, participated as a sponsor at the ADBA conference. Networking with various delegates, it was apparent that the pressure for the AD and Biogas businesses to adapt to sector policies are a constant requirement, meaning that there exists a relentless drive for firms to focus on finding new ways to deliver products and services to their rapidly changing markets.
Having regard for various market forces, how do AD and Biogas businesses overcome these obstacles? Well, it would probably require activities that involve appreciable improvements in processes, products, and services where some form of uncertainty of the outcome is apparent. Interestingly, these activities are likely to be considered as research and development (R&D) for tax purposes. And no, R&D is not exclusively associated with ‘ground-breaking’ work taking place in a top-secret laboratory and people dressed in white lab coats.
Acknowledging that the implementation of innovative technologies, processes, products and services often attract high financial costs, and may not be as practical to implement as the business ambition wishes it to be. However, there may be a way to help soften the blow that these types of costs have with innovation.
How can this be achieved; you may be wondering? Part of the solution is in the form of an R&D tax relief incentive, which was introduced by the UK government for the purpose of boosting and improving innovation. This generous incentive has seen businesses benefit from either a reduced corporation tax or in some instances, a cash tax credit. Simply put, a portion of the costs spent on your research and development can literally be used to re-invest into your business to help remove barriers and to further promote innovative thinking.
Let’s take a closer look at a recent success story from a member of the ADBA, a company known as Eco2 Limited– founded in 2002, this company has been at the forefront of renewable energy development across the UK, and have chosen Available Grants Limited as their preferred R&D tax relief specialist consultants.
Of the company’s recent R&D tax relief claim exploration, Eco2 finance director Matt Hughes said, “Initially, we weren’t sure if we were eligible for a claim from HMRC and decided to explore the opportunity with an R&D tax specialist as we felt that their offer of a resultant based fee meant that there was no risk for us”. Eco2 had embarked on several projects recently which combined a number of activities that were aimed at advancing the knowledge and/or capability in a field of science or technology. By way of a project, exampleEco2 sought to research advancements in material-conversion-knowledge to develop a viable use for ash waste produced during the thermal combustion/generation process at a biomass power station in order to reclassify ash as a product that can be used in industry.
The notion of R&D activities can be identified by asking yourself these types of questions:
- Does my business engage in projects which seek to overcome uncertainty (even if the projects had failed)?
- Does my business spend time improving processes, products or services?
- Does my business invest time discovering ways to create new products, services or processes?
From the outset, Eco2 were able to answer yes to these questions but, the ability and competency to transform their activities into a meaningful and coherent technical report of evidence required the services of their R&D tax relief specialists. The result? A significant tax rebate received from HMRC.
Commenting on the newly formed agreement between Eco2 and Available Grants, national account director Stephen Muldoon said, “We are incredibly grateful for the opportunity to work with a ‘grow-getter’ company like Eco2 but, it’s really about helping businesses claim their rightful and fair amount of R&D tax relief that they are entitled to”
Knowing that there is a potential R&D tax relief in place to help serve those businesses within the anaerobic digestion and biogas sector, it might just be worth exploring the eligibility with a R&D tax specialist like Available Grants? You could make use of their user-friendly eligibility test and calculator or arrange for a friendly chat with one of their R&D tax managers.